Benefits from FTA with US overshadow small losses - FMM
13 Mar '07
1 min read
Federation of Malaysian Manufacturers (FMM) President Datuk Yong Poh Kon believes that the FTA with the US will prove to be beneficial in many ways.
This deal will provide access to $250 billion market and also expand existing market share.
Textile and garment industries are currently exporting RM3 billion a year to the US.
Yong says, “With an FTA, duty-free access is expected to double to RM6 billion and in doing so, will create an estimated 200,000 new jobs. If other competitive products are included, Malaysia would be creating more jobs and expanding national economic activities, exports and incomes.”
“An FTA will certainly prompt additional US factories to relocate here to take advantage of our lower costs to re-export products back to US free of duty or for export to Asean countries," he added.
Malaysia has lot more to gain than lose with this FTA.
FMM President encouraged a successful conclusion of FTA and urged the Government to speed up the process so as to get lead time ahead of competitor nations.